During this difficult time, IAT Insurance Group (IAT) is here to work with you and your agent to help you through. In conjunction with New Jersey Executive Order 123 and New Jersey Department of Banking and Insurance Bulletin 20-15, New Jersey businesses are entitled to a 90-day grace period for insurance premium payments due to the disruption caused by COVID-19.
You may elect this 90-day grace period to begin retroactively on April 1, 2020, or opt for the grace period to begin on May 1, 2020. During this extended grace period, IAT will not cancel any insurance policy for nonpayment.
In addition, during the period covered by the New Jersey Executive Order, IAT is making reasonable accommodations including:
- We will apply the 90-day grace period to applicable installments, including renewal down payments provided you notify your agent or IAT that you wish to continue coverage;
- We will not charge installment fees, late payment fees or other billing or payment fees during the applicable 90-day grace period.
- We will allow premiums due but not paid during the 90-day grace period to be paid over the remainder of the current policy term or up to 12 months in 12 equal installments, whichever is longer; and
- We will not consider late payments during the 90-day grace period in any future premium calculations at any time.
Please note that nothing in this offer is intended to change the terms of your policy or be considered as forgiveness of premium but is rather intended that you be granted the extended grace period for payment of premium due without any penalty or interest.
At IAT we value your business and are doing all we can to assist you during this outbreak.
If you have any questions, please reach out to your agent or broker.